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Have got 1/4 deposit of how value but just come from a DMP

blueybug
blueybug Posts: 234 Forumite
in Mortgages & endowments
So here is my story

I'm renting a property which is like to buy

House value £165,000
I have £35,000 saved for deposit

Salary for me £24,000
My partner £19,000

I've just come out of a 7 yr DMP which I never
Missed a payment

I just had my name taken off a mortgage (broken up
With husband) that I paid without fail for 18 yrs.

Do you think we have a chance of getting a mortgage?

Anyone else got one from having a debt management plan?

Comments

  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    edited 9 November 2013 at 3:48PM
    It sounds doable - v limited lenders (but reasonable prices) and most obvious ones are broker only.

    The devil is in the detail of your credit report (similar circumstances can reflect very differently), get your reports in front of an experienced broker.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Echo above. Almost certainly a solution here, rate achieved will be dependent on exact content of your reports and experience of broker
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • blueybug
    blueybug Posts: 234 Forumite
    Dave_Ham wrote: »
    Echo above. Almost certainly a solution here, rate achieved will be dependent on exact content of your reports and experience of broker

    Hi
    My report isn't good at all due to the DMP!

    But would the 18 yrs paying a mortgage and 7 yr paying
    The DMP both with no defaults be welcomed?
  • kingstreet
    kingstreet Posts: 39,450 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As suggested, get all three copies of credit file to broker to establish what is visible from DMP.

    Equifax

    https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

    Experian

    http://www.experian.co.uk/consumer/statutory-report.html#orderReport

    CallCredit

    https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear


    No, lenders do not take DMP conduct and no new defaults into account in a positive sense. It's pretty much a given that you need to be clean for the last few years, unless using an adverse credit specialist.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Do not over think this, on the face of it will be fine but as suggested; a specialist would be useful..
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • blueybug
    blueybug Posts: 234 Forumite
    Dave_Ham wrote: »
    Do not over think this, on the face of it will be fine but as suggested; a specialist would be useful..

    Thank you.
    I just don't want to get the hopes up and it's dashed, the house is the one I'm currently renting.
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